Experimental Economics

By Don Coursey

When the Swedish Nobel Committee awarded the 2002 Nobel Memorial Prize in Economic Sciences to Vernon L. Smith, an economist at George Mason University, it simply affirmed what economists have long known: that experimental economics has arrived as a respected and powerful discipline within economics. The committee note...

Vernon L. Smith

1927-

In 2002, Vernon Smith and daniel kahneman were awarded the Nobel Prize in economics. Smith received his prize “for having established laboratory experiments as a tool in empirical analysis, especially in the study of alternative market mechanisms.”
The dominant view among economists as recently as the 19...